Kazakhstan imports less cars

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ASTANA. KAZINFORM Import of motor cars in Kazakhstan is slowing down as Kazakh citizens prefer home-produced vehicles, ranking.kz reports. 

For the first quarter of this year Kazakhstan has imported nearly 3,697 cars. It is only 4 per cent higher the level of the same period in 2016 (3544 cars). Slowdown of foreign-made cars import in Kazakhstan goes simultaneously with manufacture growth in domestic automobile industry: for January-March 2017 the country produced 3095 motorcars or 7.2 times more than in 2016 (428 cars).

In April 2015, Development Bank of Kazakhstan called up a soft lending program for individuals to purchase motorcars assembled in Kazakhstan and has granted 2 tranches to second-tier banks so that to support domestic manufacturers.

Eurasian Bank is the leader in utilizing soft automobile lending tranches having given out loans equaled to KZT9.11bn as of April 13, 2017. Sberbank of Russia is the second with KZT7.88bn, and the third is Halyk Bank which has granted KZT6.86bn. The total amount of 8,670 loans has equaled to KZT32.75bn.

The terms of the soft lending program are equal for second-tier bank participants: 1 motorcar cost shall not exceed KZT15MM; loan period shall be no longer than 7 years; nominal interest rate shall be up to 4 pct p.a.; effective interest rate shall not exceed 7.5pct including insurance and pledging expenses.  

 

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